Naira scarcity: Nigerians accuse FG of investing in MMM
Some Nigerians have accused the federal government of investing in the popular Ponzi scheme, MMM, following reports of scarcity of small naira denominations in the country.
The accusations surfaced after sources in the Central Bank of Nigeria (CBN) disclosed to the media that the apex bank failed to print small naira denominations for about a year due to the current economic recession.
The sources explained that CBN did not award contract for the printing of the notes such as N5, N10, N20 and N50 usually done abroad due to the high cost of printing the banknotes.
“The cost of printing N50 is almost the same as N1,000. Printing small denominations costs more than the value and with the present economic situation, it makes sense to print higher notes which can be done locally by NSPM," a source at the apex bank said.
However the CBN has denied the allegation that it had not contracted the printing of smaller denomination currencies since 2015.
The CBN acting director, corporate communications, Mr Isaac Okorafor, dismissed reports of scarcity of smaller denomination in the market.
But some Nigerians puzzled by the revelation have described the currency saga as an embarrassment to the nation.
Other commentators insisted that the scarcity was caused by the CBN investing in the MMM scheme.
Read reactions to the issue below:
Jacob Kingsley: "As you can see that everything in Nigeria now is politics. Always try to come up with excuse instead of doing the right thing to move the country forward. This is the first time in the history of Nigeria that the CBN stop printing low denomination currency because of festival. CBN is now MMM. There is Godooooo."
Lugar Ikenna Anozie: "Gcfr U guys were discouraging people to do MMM,but u carry our money do MMM...just tel us d truth,we will fogive u people."
On his part, Akinyemi Sunday suggested that the scarcity was caused by treasury looters who had prevented the funds from circulating.
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